Section 109(1) in Karnataka Municipal Corporations Act, 1976
(1)The taxable capital value of the building shall be assessed [together with the land occupied by it] [Substituted by Act 32 of 2003 w.e.f. 19.11.2001.]. The taxable capital value of such land shall be assessed having regard to the [market value guidelines of properties published] [Substituted by Act 32 of 2003 w.e.f. 16.6.2003.] under section 45B of the Karnataka Stamp Act, 1957. [subject to such rules as may be prescribed] [Inserted by Act 5 of 2005 w.e.f. 1.4.2005.] The taxable capital value of the building shall be [equivalent of fifty per cent of] [Substituted by Act 5 of 2005 w.e.f. 1.4.2005.] the market value guidelines of properties published under section 45B of the Karnataka Stamp Act, 1957 minus depreciation at the time of assessment, determined as far as may be notified by the Government from time to time.
